On return from a foreign trip travellers are required to surrender unspent foreign exchange held in the form of currency notes within 90 days and travellers’ cheques within 180 days of return. However, they are free to retain foreign exchange upto US$2,000, in form of foreign currency notes or TCs for future use.

Permissible foreign exchange can be drawn 60 days in advance. In case it is not possible to use the foreign exchange within the period of 60 days, it should be immediately surrendered to an authorized person. However, residents returning from their trip are free to retain foreign exchange up to USD 2,000, in the form of foreign currency notes or TCs for future use or credit to their Resident Foreign Currency (Domestic) [RFC (Domestic)] Accounts.

An NRI coming into India from abroad can bring with him foreign exchange without any limit provided if foreign currency notes, travellers cheques, Prepaid Forex Card exceed US$ 10,000/- or its equivalent and/or the value of foreign currency exceeds US$ 5,000/- or its equivalent, it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.

The card should not be used for any illegal activities. Also, it is advisable that you do not use the prepaid cards for temporary charges – e.g. paying deposits at hotels, hiring of cars etc. In case you have paid these deposits using the Forex card and the hotel/car rental agency etc. settles for an amount less than the deposit amount or you pay through a different mode the balance amount will get credited into your account either on demand or after 35-40 days from the transaction date.

Yes, the top up or reloads can be done by anybody authorized by you. The person authorized by you for the same will need to provide the necessary documents. On receipt of the application form and the funds, your card will get reloaded for the desired amount.

In case you want a reload while in foreign country, you could ask any of your relatives to come to our office and get the card recharged. For this, you will also need to send across a mail to us at info@orientexchange.in mentioning the amount of reload required, person name coming to reload your card, your relationship with the person, and a form A2 (signed and scanned copy).

There is no limit imposed on the usage of the Card. Customers can withdraw/utilise any amount, upto the loaded value on the card at any ATM/POS. However, there are some ATMs which have a per transaction limit on every withdrawal that they honor, which cannot be changed. Hence, in such cases the cardholder might need to do multiple transactions if you want to withdraw a higher amount.
Forex Cards are Pre-paid Cards that offer customers a convenient and secure way to carry foreign currency. These cards offer you the freedom to shop anywhere in the world and provide access to the currency of your destination at competitive market rates. This card cannot be used for payments in India, Nepal or Bhutan.

Travellers Cheques Vs Forex Card

Key features/benefits of a forex card are:

It can be used at all Visa/Master Merchant establishments worldwide

It can be used for online purchases/transactions E.g. pay bills, buy air tickets, etc.

It can be encashed anytime and in any ATM

It is reloadable even when the cardholder is abroad

Hassle free loading of card – exchange rate based on Inter Bank Rates

It gives protection against Exchange rate fluctuations – foreign currency is fixed when the card is loaded and not when it is used (unlike an International Credit Card)

The primary card can be hotlisted incase of loss and balance can be transferred to the issued add on card

Residual cash can be easily redeemed after the journey

Travellers Cheques

Accepted only at select locations

The entire amount has to be encashed each time you shop.

Cumbersome replacement process, if lost.

Signature based security and Set Value on each cheque

Balance encashment only at Money Changers and select Merchant establishments